CGBD vs NCDL: Which BDC is the Better Dividend Buy?
A side-by-side comparison of Carlyle Secured Lending, Inc. (CGBD) and Nuveen Churchill Direct Lending Corp. (NCDL) — dividend yield, NAV premium/discount, market cap, and price-to-NAV valuation.
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CGBD vs NCDL: Key Metrics Head-to-Head
| Metric | CGBD | NCDL | Edge |
|---|---|---|---|
| Dividend Yield | 14.83% | 13.24% | CGBD |
| Premium / Discount to NAV | -35.49% | -27.49% | NCDL |
| Market Capitalization | $0.62B | $0.51B | CGBD |
| Trailing Stock Price | $10.45 | $12.69 | — |
| Net Asset Value (NAV) | $16.2 | $17.5 | — |
| Price vs NAV (Valuation) | Discount | Discount | NCDL |
| Dividend Frequency | Quarterly | Quarterly | — |
| Leverage Ratio | 1.21x | 1.2x | NCDL |
About CGBD — Carlyle Secured Lending, Inc.
Carlyle Secured Lending, Inc. is an externally managed BDC advised by Carlyle Global Credit Investment Management. CGBD originates and invests in senior secured first lien, unitranche, and second lien loans to U.S. middle-market companies with EBITDA between $5 million and $50 million. The portfolio is heavily weighted toward floating-rate first lien instruments, reflecting Carlyle's institutional credit underwriting discipline and global sourcing capabilities.
About NCDL — Nuveen Churchill Direct Lending Corp.
Nuveen Churchill Direct Lending Corp. is an externally managed BDC structured as a joint venture between Nuveen and Churchill Asset Management. NCDL provides senior secured and unitranche loans to U.S. middle-market companies backed by private equity sponsors. The portfolio comprises predominantly floating-rate first lien loans sourced through Churchills direct origination network, targeting borrowers with EBITDA between $5 million and $50 million.
How to Choose Between CGBD and NCDL
When comparing two Business Development Companies, the right choice depends on your income objective:
- Dividend yield matters most for immediate income — the higher yielder wins on cash flow, but make sure it's covered by investment income.
- NAV premium/discount matters for valuation — a discount to NAV implies you're buying assets below their accounting value, a premium implies the market expects above-average growth.
- Market cap reflects liquidity and scale — larger BDCs typically have lower borrowing costs and better portfolio diversification.
- Leverage cuts both ways — it amplifies dividend yield but increases sensitivity to credit defaults and interest rate moves.
Both CGBD and NCDL are Regulated Investment Company (RIC)-structured BDCs required to distribute at least 90% of taxable income to shareholders, which is what produces their above-average dividend yields. Use the comparison table above as a starting point, then read each full profile before making an investment decision.
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Not Investment Advice: This comparison is for educational and informational purposes only. Nothing here constitutes a recommendation, solicitation, or investment advice to buy or sell any security. Past performance does not guarantee future results. Always conduct your own due diligence and consult a licensed financial advisor. Read our full Editorial Policy and Terms of Service.